Americold Realty Trust, a real estate investment trust based in Atlanta, has acquired South Plainfield-based Hall’s Warehouse Corp. for $480 million, it announced this week.
The Hall’s portfolio consists of eight facilities in northern New Jersey, totaling 58 million cubic feet and 200,000 pallet positions. All of the properties are located within 15 miles of each other and 30 miles of Port Newark. The portfolio is 95% occupied; five of the facilities are owned and the others are leased.
“The Jayne family founded Hall’s over 55 years ago with the core belief that an unwavering focus on customer service provides the foundation for long-term growth and success,” Bill Jayne III, owner and president of Hall’s, said in a prepared statement. “We are pleased to entrust our legacy to Americold and are confident that this acquisition will provide enhanced opportunities for our customers and associates.”
Hall’s also provides transportation services that support its customers, Americold noted.
“Through the Hall’s acquisition, we have acquired a fully integrated portfolio of high-quality facilities located near the Port of Newark,” Americold CEO and President Fred Boehler said in a statement. “This portfolio complements our growing scale in a key market that is located within one day’s drive of approximately 30% of the population in the United States.”
Americold is the world’s largest publicly trade REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.
The acquisition of Hall’s, as well as two expansion projects — in Arkansas and Canada, costing a total of $95 million — will be funded through recent equity offerings’ proceeds and private debt placements.